Cryptocurrency Q&A
What are bitcoin confirmations?
What are bitcoin confirmations?
benjamin_brown_entrepreneur
Thu Jul 11 2024
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7 answers
1746
Could you elaborate on the concept of "bitcoin confirmations" in a concise yet comprehensive manner? I'm curious to understand how they work within the Bitcoin network and why they are significant for transactions. Specifically, I'd like to know what they represent, how they are generated, and how they impact the security and finality of Bitcoin transactions. Additionally, I'm interested in understanding the relationship between confirmations and transaction fees, as well as any potential risks associated with low confirmation counts.
7 answers
Giulia
Sat Jul 13 2024
These confirmations represent the number of blocks that have been appended to the blockchain following the completion of a transaction.
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Michele
Sat Jul 13 2024
Bitcoin confirmations serve as a crucial indicator of the transaction's security and trustworthiness.
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CryptoBaron
Fri Jul 12 2024
For instance, if a transaction has only one confirmation, it signifies that it has been included in the most recently appended block to the blockchain.
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EchoChaser
Fri Jul 12 2024
Each new block that is added to the chain provides an additional layer of confirmation, further strengthening the security of the transaction.
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CrystalPulse
Fri Jul 12 2024
However, as more blocks are added, the number of confirmations grows, making the transaction more secure and reliable.
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